In the absence of a partnership deed, profits are shared: MCQ with Answer and Explanation

Explanation:
Drawings reduce cash on the asset side and simultaneously reduce the proprietor's capital on the equity side.

Explanation:
A telephone bill typically has a fixed rental component plus a variable component based on call volume.

Explanation:
A joint venture is formed for a specific, short-term purpose and terminates upon completion, making it a temporary partnership. Unlike a company, it does not have a separate legal entity distinct from its co-venturers. S1 is correct, S2 is incorrect.